This post has been republished from Professor Patricia McCoy’s Substack. Her new book, “Sharing Risk: The Path to Economic Well-Being for All,” is available from The University of California Press.
Today, financial pressures are a real sore point for ordinary Americans, now that half of U.S. households lack enough income to live on. For earners in the bottom half, homeownership is increasingly unattainable, retirement savings are scant, and college education usually means going into debt. Their wages have been stagnant and their jobs are insecure. Many live lives of quiet financial desperation.
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